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Cryptocurrencies Fall Amid Concern Over Regulatory Crackdown

11Feb

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Technology

Cryptocurrencies Fall Amid Concern Over Regulatory Crackdown

[ad_1] The decline in cryptocurrencies gained momentum Thursday as signs of a regulatory crackdown on the industry and a broader pullback from risk assets weighed on investor sentiment. Bitcoin, the largest digital coin by market value, fell as much as 4.9%, its worst performance since the end of January, data compiled by Bloomberg show. The token traded around $21,900 as of 3:30 p.m. in New York, after hovering above $23,000 earlier this week. Others also lost ground, with Ether dropping more than 5%. Dogecoin and Avalanche, meanwhile, each fell more than 8%. The drops followed news that exchange Kraken will pay $30 million to settle Securities and Exchange Commission allegations that it broke US securities rules with its crypto-asset staking products and will discontinue them as...

Bitcoin Responds to FTX Contagion by Heading for a Weekly Gain

[ad_1] There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin. There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin this week.The token is up some 3% over the period, topping global stocks, while a gauge of the leading 100 virtual coins has added about 1%. That compares with Bitcoin's 23% slide last week as Sam Bankman-Fried's FTX empire collapsed. To recap the backdrop: FTX's chaotic bankruptcy left even the man who liquidated Enron Corp. flabbergasted and put the likes of crypto lender BlockFi Inc. on the cusp of their own Chap...

Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

[ad_1] Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. The Sydney-based green crypto miner, which listed in the US last year, said in a statement on Wednesday that some of its mining equipment isn't making enough cash to cover related debt-financing obligations. The firm said $103 million of debt is secured against the rigs via a couple of wholly-owned special purpose vehicles. It doesn't plan to provide further financial support for the vehicles absent a refinancing agreement. That means a default on the loans looms on Nov. 8 when a scheduled principal payment is lik...